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TRH
Joined: 27 Oct 2011
Posts: 340
Location: Hawaii
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 Posted: Wed Aug 12, 2015 7:36 am Post subject: VND devaluation |
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I see that Vietnam's currency mirrored the devaluation of the CNY today. At 1900 UTC, the VND was 22042/1USD. That's about 1.5% higher than yesterday and about the same as the Chinese devaluation. I know the corner gold shop may be a little different but sooner or later they have to come together.
If your teaching salary is contracted in US$ you are fine as you will get more VND next payday. If your salary is stipulated in VND and you intend to or have saved much of it to send out of the country, you took a pay cut. Of course if you spend all of your salary on Saigon Đỏ and girls it won't matter. 
Looking back there was pretty steady devaluation of the VND from 2008 to 2011 but it has held relatively steady since then. There is talk in the US financial press that the Chinese may begin to allow the CNY to float. As China is Vietnam's biggest trading partner, this could lead to a lot more volatility between the VND and western currencies. |
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Mattingly
Joined: 03 Jul 2008
Posts: 249
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| Posted: Tue Aug 18, 2015 1:40 am Post subject: Re: VND devaluation |
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| TRH wrote: |
| I see that Vietnam's currency mirrored the devaluation of the CNY today. At 1900 UTC, the VND was 22042/1USD. That's about 1.5% higher than yesterday and about the same as the Chinese devaluation. I know the corner gold shop may be a little different but sooner or later they have to come together. |
Last week the VND to USD was 21,819 (?). (I was going to buy USD.)
So, that is a small drop, IMO.
| Quote: |
| If your teaching salary is contracted in US$ you are fine as you will get more VND next payday. If your salary is stipulated in VND and you intend to or have saved much of it to send out of the country, you took a pay cut. Of course if you spend all of your salary on Saigon Đỏ and girls it won't matter. |
Yes, that can be an issue for people depending on timing and how much they want to send back or convert.
| Quote: |
| Looking back there was pretty steady devaluation of the VND from 2008 to 2011 but it has held relatively steady since then. |
Yes, there were 4 devaluation from 2009 to 2013. ?
The largest was 9% which was done overnight while we were sleeping. You wake up and then you're informed that your bank account is worth 9% less.
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| There is talk in the US financial press that the Chinese may begin to allow the CNY to float. As China is Vietnam's biggest trading partner, this could lead to a lot more volatility between the VND and western currencies. |
I do not think the Chinese will float the Yuan.
They will keep it at where they want it.
A worldwide devaluation has been happening for years. Many Central banks (at least 15 in the world) have been slowly but steadily devaluing their currencies. |
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